8×8 Inc. (EGHT) Stock prices slipped in the after-hours on Friday, But, WHY?

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CLNE Stock
CLNE Stock

8×8 Inc. (EGHT) shares lost 6.73% in after-hours on Friday, July 9, 2021, and closed the day at $25.2101. Earlier in the morning session, EGHT’s stock gained 1.24% to close Friday’s session at $27.03. EGHT shares have risen 65.52% over the last 12 months, and they have moved down 1.85% in the past week. Over the past three months, the stock has lost 16.88%, while over the past six months, it has declined 20.52%.

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Let’s have a brief look at its recent news.

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8×8 XCaaS received more service contract

On June 3, 2021, 8×8, Inc announced that Platform Housing Group will extend their 8×8 Experience Communications as a Service (XCaaS) deployment by adding 8×8’s Communications Platform as a Service (CPaaS) Video Interaction for improved employee and customer engagement.

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Strategic Partnership with Sandler Partners

On May 26, 2021, 8×8, Inc announced a strategic partnership with Sandler Partners. The partnership allows Sandler Partners to provide its more than 9,000 technology partners with 8×8 Experience Communications as a Service (XCaaS.

New cloud communications model XCaaS

On May 18, 2021, 8×8, Inc today announced Experience Communications as a Service, a cloud communications deployment model that erases the boundary between Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS). With XCaaS, organizations can support the communications requirements of all employees as they work together to deliver differentiated customer experiences.

Recent financial results announcement

On May 10, 2021, 8×8, Inc released its financial results for the fourth quarter and full-year fiscal 2021 ended March 31, 2021.

Q4 2021 financial highlights

  • 8×8 Inc earned a revenue of $144.7 million in Q4 2021 compared to $121.48 million in Q4 2020.
  • Total operating expenses were $184.75 million in Q4 2021 compared to $167.63 million in Q4 2020.
  • The company suffered a net loss of $45.03 million or a net loss of $0.42 per basic and diluted share in Q4 2021 compares to a net loss of $50.0 million or net loss of $0.49 per basic and diluted share in Q4 2020.

FY-2021 financial highlights

  • 8x8Inc earned a revenue of $532.3 million in FY 2021 compared to $446.24 million in FY 2020.
  • Total operating expenses were $678.5 million in FY 2021 compared to $606.06 million in FY 2020.
  • The company suffered a net loss of $165.56 million or a net loss of $1.57 per basic and diluted share in FY 2021 compares to a net loss of $172.37 million or a net loss of $1.72 per basic and diluted share in FY 2020.

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Conclusion

There is no recent news which we could link with its early gains and later sliding in the after-market session on Friday. we hope that EGHT will commence the new week in a positive mode.

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